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2017-09-08

Unpaid pensions saga hots up

The Financial Services Board (FSB) has moved to clarify its efforts to resolve the ballooning problem of unclaimed pension benefits, even as civil society campaigners step up a drive to help workers to reclaim billions owed to them.

By 2016, more than R42-billion in unclaimed benefits had been amassed in the pensions system, the FSB said at a media roundtable earlier this week.

About R7.6-billion is held in specially created unclaimed benefits preservation funds, and about R34.7-billion is held in occupational funds, or retirement funds, created by employers for their employees and which are active.